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From: *Poetic Justice* <@http://Poetic-Justice.Talk-n-Dog.com>
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Subject: Re: "Affirmative Action" loans, this issue keep surfacing.
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NNTP-Posting-Date: Mon, 06 Oct 2008 15:17:06 EDT
Date: Mon, 06 Oct 2008 15:21:12 -0400
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W...@I...com wrote:
> On Mon, 6 Oct 2008 11:03:12 -0700 (PDT), w...@g...com wrote:
>
>> Lehman's Richard Fuld, during this morning's congressional hearings,
>> mentioned the pressure re: giving mortgages to previously unqualified
>> people, read mostly Blacks. And Wells Fargo boasting about mortgages
>> for illegal aliens.
>
These Liberals will never admit the truth...... It was "Afordable
housing plans" Affirmative Action Mortgages that they pushed via
Fannie Mae and Freddie Mac that *BROKE THE CAMELS BACK*
> That's a cop out by Lehman. It has nothing to do with leverage,
> derivatives, CDS's, or the other side bets made by Wall Street which
> caused the mess. Nobody in Congress understands this system. They'd
> best get somebody to explain it to them.
>
>> The question is; was this sort of an alliance between the liberals who
>> pressured the mortgage
>> industry to accept worthless paper. Or, in response to liberal/
>> governmental pressure, did the banks jump on the bandwagon
>> anticipating an ultimate end to the ponzi scheme?
>
> None of the above. You conveniently forget that the repeal of Glass-
> Steagall and the following legislation sponsored by Gramm opened the
> door fully, where before it had been slightly ajar. After reading your
> post - derivatives, CDS's, and other "insurance" which leveraged the
> US housing market to the hilt are above your pay grade. You can go
> back to Limbaugh or Hannity now.
To bad that Europe is reeling from Mortgages too, they have plenty of
regulations..... why is their money drying up too? You can't have it
both ways.
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